Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

[Amethyst]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Got a letter from the National fraud squad yesterday saying they reviewed the information I gave them and enriched it into a possible investigation package. They are pleased to inform me that this has been sent to the FCA for further investigation.

Who reckons the FCA will sweep it under the carpet............................................ .......

Write to the FCA again and say you understand the info has been forwarded to them for investigation by the National Fraud Investigations Bureau, you trust they WILL be following it up, if its high enough up their list of priorities, and if they require any further information from you to contact you. CC it to your local MP.

Listen from about 11 mins in this video up to the end http://www.legalbeagles.info/forums/...563#post516563 ( another fraud against consumers the FCA are doing sweet fanny adams about )

[Pallawan]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Maybe because the Fraud Squad have indicated that the Bournes demise warrants a possible investigation the FCA might actually do something. We can but hope.....

[Last]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Got a letter from the National fraud squad yesterday saying they reviewed the information I gave them and enriched it into a possible investigation package. They are pleased to inform me that this has been sent to the FCA for further investigation.

Who reckons the FCA will sweep it under the carpet............................................ .......

[libra1970]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Sounds about right to me I think well that's how I read it. But 4 weeks have past but i have read that they take out proper costs so god knows how much we will get back.

[Pallawan]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

I don't either but how I read it is, any payments made to Bournes after 1st Sept will be refunded within 4 weeks but any payments before the 1st Sept will have to be investigated as it's possibly the banks fault as they should have frozen accounts.... Something like that .... Please correct me if I'm wrong.

[libra1970]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Mine was august 10th and September 10th. Sent all my stuff off to Mr levy and just had an email back but don't really understand it if I am honest.

[Nibbler]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Not great I would imagine?

[Pallawan]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

My last payment to Bournes was 25th August, what are the chances of me getting that back?

[Nibbler]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

New email.

Dear Sir/Madam,

With reference to my email to you of 18 December 2014 I advise of the following.

We have made progress in scheduling the payments received since 1 September 2014 to date. The task is not yet complete but in instances where we can identify clients and their funds, we would be able to process a refund subject to the deduction of proper costs. This email only applies to those who had made payments into the Bournes account(s) after 1 September 2014. I quote a portion of my last email, which stated as follows:

“Since receiving from the Financial Conduct Authority (FCA) their interpretation of the relevant rules that apply in these circumstances, there is a requirement for the Administrator to ensure that both he and the FCA’s interpretations of those rules are correct. Therefore, until we have absolute clarity and confirmed our understanding of those rules, in respect of returning monies for the period after 1 September 2014, the money held will be repaid as soon as possible thereafter.

The aforementioned rules permit the deduction of costs of the distribution (of money) process. Before deducting any costs of this particular exercise, we consider it appropriate to make absolutely sure that we comply with the relevant legislation before repaying these funds to clients. The timeline for completing the segregation of these funds and for receiving the guidance and advice on the manner in which these funds are to be returned ought not to take much longer than 4 weeks. It is our understanding that the FCA consider the costs of returning these specific funds and the costs of segregation are to be paid out of these specific funds alone and not out of the funds held by Bournes prior to 1 September 2014.”

We are taking advice on the manner and quantum of the costs deduction permitted by the aforementioned FCA rules. There will therefore be a stay (delay) on being able to return funds while we are being advised as to the mechanism by which (and how much) we may return to the relevant clients.

There has also arisen a further issue, of which I have advised the Bournes’ former bankers, relating to on-going payments being made into the Bournes accounts. This ought not to have happened because the Administrator had instructed the bankers to close all accounts. The aim was to avoid incurrence of further losses to the consumer. Whilst this matter is being advised on also and is being investigated, we must take a view as to whether costs could have been avoided for those clients whose payments were still being received into the accounts to date. If so, then subject to advice we may be able to recover some of the costs of distribution from the company’s former bankers. There is no certainty here and any claim made by us will only affect those who inadvertently continued to make payments into accounts through early October to date, as the accounts should have been blocked/closed off at that stage.

The matters are in hand and with the investigations that are on-going I cannot at this stage confirm the timing of when we shall receive conclusive advice. In certain aspects of this case, we may have to put the matter to Court to seek directions. Please note that in the interests of the consumer, we have decided to consider whether the bank was at fault for not having closed accounts on our instruction in good time. You will appreciate that if the bank disputes our position, then this may delay the refund process. This was unforeseen.

However, it is our aim and intention to ensure that when we are in a position to do so (either by Court Order or receipt of conclusive advice) then refunds will be processed subject to the deduction of proper costs of the distribution process. You do not need to respond to this email, as it is for information and update only.

[libra1970]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Hi has anyone else who sent their stuff back to the administers for those that had paid after the 1st September received or heard anything as yet? Because I did send stuff to them and had paid but have heard absolutely nothing.

[Nibbler]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Sadly the authorities and regulators just want the quick and easy fix in these cases, then brush it under the carpet and forget about whoever that process failed to help.

To get anywhere there is a hell of a lot of resistance and apathy to overcome.

[Ruthless]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Happy New Year to all. I honestly think we have lost. All the information we have found regarding Michelle and Michael Gilbourne and how they have ruined us still seems to be not enough to get justice. I really do not know what else can be done. I think when DMC go bust that's the end for everyone as proved in the past from others. There isn't much more fight left in me i am afraid to say. Who can actually help us? Xxx

[Last]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Happy New Year everybody.......where were we - I have had no reply from action fraud or watchdog!! Do we just wait for the Administrators to conclude there investigation and take all the money?

IS THERE ANYTHING WE CAN ACTUALLY DO????

Did anyone recieve any money back from those that paid after the 01 Septemeber 14.

[Amethyst]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Happy Christmas to you too xxxx Let's hope the New Year brings some good news for you all xxxxxxxxxxxxxx

[Ruthless]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Happy Christmas to all at Legal Beagles hope Santa is kind tonight. :27: xxx